ORLANDO, FLA. — Liberty Property Trust has acquired a 713,585-square-foot warehouse/distribution facility in Orlando for $23.6 million. The property is located at 8201 Chancellor Drive in the South Orlando submarket. The property is fully leased to CVS Caremark Corp. David Murphy of CB Richard Ellis' (CBRE) Orlando office partnered with the CBRE Atlanta team of Frank Fallon, Chris Riley and Brian Budnick to represent the seller, Pacific Life Insurance Co.
“This asset fit into our strategy of owning high-quality office and industrial properties,” said Stephen Whitley, senior vice president of Liberty Property Trust, in a statement. “We think this might be the best location for a distribution center in Florida, and it is leased to a great company.”
According to CBRE, the trade of the CVS distribution facility marks the largest single industrial building sale in Central Florida in over 10 years. With the acquisition, Liberty's Orlando portfolio now totals more than 4.5 million square feet of space.
— Coleman Wood